S. Korea bags US$610mm investment from 3 U.S. firms

S. Korea bags US$610mm investment from 3 U.S. firms

Industry Minister Ahn Duk-geun speaks during a reception in Washington on June 26, 2024 (U.S. time), in this photo released by the Ministry of Trade, Industry and Energy.

Seoul / Washington (June 26, 2024) -- South Korea's industry ministry said Wednesday the country has secured US$610 million worth of investment from three U.S. companies, in a move expected to further bolster bilateral ties in emerging industries and the global supply chain.

The three companies -- On Semiconductor Corp., Corning Inc., and Pacifico Energy -- confirmed their investment plan during a visit by Industry Minister Ahn Duk-geun to Washington, according to the Ministry of Trade, Industry and Energy.

"The investment proves global firms' unwavering confidence in South Korea's potential in cutting-edge industries and the energy sector," Ahn said in a statement.

"The government will spare no effort to support follow-up measures so that the investment can lead to cooperation in the cutting-edge supply chain and energy security between South Korea and the U.S.," Ahn added.

In detail, On Semiconductor, which has global carmakers as key clients, plans to expand its production line launched in South Korea in October that produces silicon carbide (SiC) wafers with the investment.

Corning, a specialty glass maker, also plans to upgrade its production facility in Asan, 107 kilometers south of Seoul, to adopt next-generation processing technologies.

Pacifico Energy will seek to establish a major offshore windmill complex with a capacity of 3.2GW near the southwest coast, which would mark a symbol of bilateral ties in clean energy when completed, the ministry added.

Ahn was visiting Washington to participate in a trilateral ministerial meeting with the U.S. and Japan to discuss ways of strengthening three-way cooperation on supply chains and economic security.

Source: Naver.com

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